Local Bonita Springs Mortgage Broker
If I had a dollar for every sad-as-a-country song story about a mortgage loan that didn’t close on time or a real estate purchase that fell apart because of the mortgage I could retire from real estate. As fate would have it, I’m sitting at my computer eating a spicy black bean burrito trying to figure out if or when a sale for one of my listings will actually close sale … that is, if the lender ever gets their act together. Total waste of a Friday night, if you ask me.
What I can tell you about this little predicament is that it could have easily been avoided. Any real estate agent worth their salt has undoubtedly recommended a local lender to their buyer, maybe two or three even. The buyers, chose to shop for some hocus pocus internet deal or were charmed by misguided “loyalty” to their own bank (who doesn’t give a crap about them away) and they’re a hostage to the bureaucracy of bank and a vindictive underwriter who is sleeping comfortably tonight, unlike the rest of us.
Most of the time, against the real estate agent’s advise, the buyer has decided to have “Mortgage Broker B” finance the purchase of their Bonita Springs real estate and not one of the myriad of reputable, proven, local-I-know-where-you-live-and-grocery-shop-and-I-will-hunt-you-down, mortgage brokers. I could name five such mortgage brokers off of the top of my head right now.
Why the resistance, buyers? There is no secret incentive for a real estate agent suggesting a buyer use a recommended lender, except for the real estate to actually close sale. That’s it. There are no secret sweetheart deals, they don’t send us gift baskets, they don’t send over trays of cookies, nothing. We, the real estate agents that you’ve trusted to help your family find a home in Bonita Springs, Florida want you to be able to close on it and move in on the actual date on the contract. We don’t want you sleeping in a hotel or a friends couch or worse. Heaven help you if you have an eighteen wheeler full of your prized possessions idling out front because you are NOT MOVING IN and if your kid wants to ride his big wheel in his new neighborhood, too bad.
Of course, bank closed the barn doors just after the horses got out and as a result you couldn’t possibly even begin to imagine the lending and underwriting restrictions that can effect the ability for you to get a mortgage on a home. Income, seasoned money, location, length of employment, chain of ownership of the property, the list goes on.
Wait until you hear about lending on a condo in Bonita Springs. Condos fell out of favor with the bank and your lender also needs to be a magician for that loan to fund in a timely matter. Too many tenants in the complex, too many owners not paying their quarterly assessments are just two of the whoppers that crush fundability. Even if a bank will loan on a condo they often require 25-50% down to make the risk worth it to them.
Whether you’re purchasing a home or a condo in Bonita Springs a local mortgage broker would often know the market, know the complex or be able to research it, vet the stability of the complex before you get money tied up in inspection fees, appraisals and such only to be told that there is too much risk and have underwriting kick it back.
I’ll have you know that the real estate transaction that this post is based on closed sale after two extensions and a variety of ridiculous requests by the lender. It wasn’t officially closed until 4:30 on a Friday night, over two weeks beyond the scheduled closing date. All delays were lender delays, the title agent, sellers and their agent did their jobs. The buyers just picked an underperformer to obtain their mortgage and they were lucky the seller didn’t shuck them off after the first time the lender fell down.